Shares in Cairn Energy PLC (LON:CNE) were off 4.6% at 184.4p in early deals after a well drilled off the coast of Mexico came up dry.
The Alom-1 well on Block 9 was drilling into what was expected to be "stacked" targets in the Pleistocene geological horizon, but the objectives were found to be dry and the well will now be permanently plugged and abandoned.
In a separate announcement, Cairn updated on its proceedings against India under the UK-India Bilateral Investment Treaty.
The Arbitral Tribunal has indicated that it is not yet able to commit to a specific award release date but it does expect to be in a position to issue the award in the summer of 2020.